SALT LAKE CITY — The Utah Jazz announced Wednesday that the team has elected to exercise its fourth-year team option on guard/forward C.J. Miles' contract for the 2011-12 season, as well as the rookie contract options for forwards Derrick Favors and Gordon Hayward for the 2012-13 season.

Miles, a six-year NBA veteran, appeared in 78 games (19 starts) for the Jazz in 2010-11, which he was used primarily as a sixth man off the bench. The 6-foot-6 swingman averaged career-highs in points (12.8), rebounds (3.3), assists (1.7) and minutes played (25.2) last season and improved in all four categories for the fourth straight year, although his field goal percentage (40.7) and 3-point shooting percentage (32.2) were his lowest marks since the 2006-07 season.

Miles scored in double figures in 50 games last season, tallying 20 or more points 16 times, including a career-high 40 points — shooting 14-of-18 from the floor, including 6-of-7 from 3-point range — in a win over Minnesota on March 16. Originally selected by the Jazz in the second round (34th overall) of the 2005 NBA Draft, Miles has appeared in 333 career games (145 starts), all with Utah, and owns career averages of 8.3 points and 2.2 rebounds per game.

The one-year team option on Miles, who had been hoping for a multi-year contract extension and has expressed his desire to stay in Utah, will pay him $3.7 million this coming season.

He let his fans know of the move via Twitter early Wednesday afternoon, sending out a Tweet which read: "Option picked up.. Thank all the fans for the support and the organization for belief that can help this team .. Now I'm back to work"

Favors, who was selected by New Jersey with the No. 3 pick in the 2010 NBA Draft, was acquired by Utah in the late-February trade that sent point guard Deron Williams to the Nets in exchange for Favors, point guard Devin Harris, two draft picks and cash.

Favors played in 78 games (27 starts) for the Nets and Jazz during his rookie NBA season, averaging 6.8 points, 5.3 rebounds and 0.87 blocks in 19.7 minutes per game. The 6-foot-10, 246-pound power forward out of Georgia Tech appeared in 22 games (four starts) for the Jazz, averaging 8.2 points, 5.2 rebounds, 1.2 blocks and 20.2 minutes per game.

The 19-year-old Atlanta native was the youngest player in the NBA this past season, and he scored in double figures 20 times and had 10 or more rebounds on seven occasions, posting two double-doubles. Favors ranked first among all NBA rookies in blocks, was fifth among rookies in rebounding and eighth in scoring, and was selected to the NBA All-Rookie second team.

Hayward, the Jazz's first-round NBA Draft pick in 2010, when he was selected ninth overall, appeared in 72 games (17 starts) for Utah, averaging 5.4 points, 1.9 rebounds, 1.1 assists and 16.9 minutes per game.

The 6-foot-8, 208-pound former Butler University star scored in double figures 15 times, including seven times in his final 10 games, and tallied a career-high 34 points against Denver on April 13 — the most by a Jazz rookie since March 16, 1983. Hayward led the NBA in 3-point shooting percentage over the final two-plus months of the season, connecting on 26-of-48 (.542) of his 3-point attempts in his final 27 games.

As per team policy, financial terms were not released on the contracts of Favors and Hayward.